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UnitedHealth's McGuire in Hot Seat

The CEO and general counsel could be ousted at a board meeting slated for Sunday morning.

The Wall Street Journal reports that UnitedHealth's (UNH) - Get UnitedHealth Group Incorporated Report board of directors plans to meet Sunday morning to discuss what action to take on the results of an internal probe into backdated options at the health insurer.

According to sources, Chairman and CEO William McGuire and general counsel David Lubben could be forced out of the organization. Other members of the board may be vulnerable as well.

The months-long probe, conducted by law firm WilmerHale, found evidence that "stock options were improperly backdated to benefit insiders."

UnitedHealth shares closed Friday at $48.75, down 87 cents, or 1.75%.

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